Murray International (MYI) was launched in 1907 and has followed a global equity income mandate since the mid-1980s. It is comfortably the largest trust in the Aberdeen stable with net assets of around £2.2bn. Bruce Stout managed MYI from 2004 to 2024 before handing over the reins to Martin Connaghan and Samantha Fitzpatrick, who had both worked alongside him for 25 years. Its annualised total return over the 22 years to the end of 2025 was just under 11% on a NAV basis, around one percentage point better than the various benchmarks that the trust has used, with individual yearly returns often...
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Aberdeen Asian Income (ticker: AAIF) was launched in December 2005 and celebrates its 20th anniversary later this month. Since its IPO, aided by modest gearing throughout, it has posted total returns of just over 9% a year, roughly a percentage point a year ahead of its regional benchmark but with less volatility. Although AAIF traded at a premium for several years following the financial crisis, the last decade has seen it mostly trade at a discount of around 10%, despite having a policy of buying back its shares when its discount exceeds 5%. At the start of 2024, the basis for the management...
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UPDATE: In early 2026, Artemis was appointed as the new management firm for the trust, replacing Aberdeen, with the strategy remaining UK Equity Income. We plan to publish an updated profile for this trust in October 2026.
Murray Income (MUT) was established in 1923 and is one of the larger trusts in the UK Equity Income sector with net assets of around £1bn. It holds around 50 stocks with a quality bias and usually has a low rate of portfolio turnover. Up to 20% of net assets can be held in overseas stocks and the trust typically takes full advantage of this option. MUT has been managed by C...
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UPDATE: On 18 September 2026, having bought back more than half its shares over the previous five years, AUSC said it planned to combine with JPMorgan UK Small Cap Growth & Income (JUGI). The deal is expected to complete around the end of 2026, with AUSC shareholders being offered a cash exit at a 2% discount for up to 35% of its shares.
abrdn UK Smaller Companies Growth (ticker: AUSC) was launched in 1993 and initially run by Edinburgh Fund Managers. In 2003, after a period of poor performance, it switched its management firm to Standard Life, which is now part of abrdn. Harry Nimmo look...
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abrdn Asia Focus (ticker: AAS) was launched in 1995 to invest in Asian smaller companies and it was managed up until last year by Hugh Young. It is now led by the team of Flavia Cheong, Gabriel Sacks, and Ng Xin Yao. The trust holds around 50 stocks that it believes are well-governed, have sustainable profitability, and strong balance sheets while also being under-researched by mainstream analysts. Portfolio turnover has been on the low side at around 20% a year with AAS preferring to be a long-term partner of the businesses it invests in rather than trading in and out. The trust has returned ...
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UPDATE: A revised profile for this trust was published in September 2026.
Murray International (ticker: MYI) was founded in 1907, and it has been managed by Bruce Stout since 2004, although his involvement in the trust dates back to the early 1990s. It's the largest trust in the Global Equity Income sector with £1.8bn of assets. Murray International's portfolio differs from other global trusts with nearly half invested in Asia and Latin America where Stout and his team believe companies have stronger fundamentals and income prospects, thanks to favourable demographics and less indebted govern...
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